Bernard Arnault faces complaints over LVMH purchase of French business weekly

Bernard Arnault, the head of luxury group LVMH, is facing complaints from journalists' unions and Reporters Without Borders over his company's purchase of the French business weekly Challenges.

Reporters Without Borders said Arnault now holds a stranglehold on France's main business titles. LVMH already owns the daily Les Echos and the business service L'Agefi. The group bought Challenges earlier this year.

France's council of state is reviewing whether regulators properly examined LVMH's media holdings. The competition watchdog is also looking into claims that the group abused its dominant position by acquiring Challenges.

"This is a textbook example of the loopholes in French law which fail to keep media ownership in check," said Laure Chauvel of Reporters Without Borders.

LVMH did not comment on the complaints. Arnault has previously told a senate committee that he buys media titles to protect them and keep them alive.

Arnault also owns the daily Le Parisien and the celebrity magazine Paris Match. His fortune is estimated at around $145 billion.

The purchase comes as several French billionaires expand their media interests ahead of next year's presidential election. Vincent Bolloré controls CNews and other outlets. Rodolphe Saadé owns BFM TV and La Tribune. Daniel Křetínský and Xavier Niel also hold media stakes.

Journalists at Challenges and Les Echos want to keep editorial charters that protect their independence. The Challenges charter is due to expire next year unless renewed. Les Echos' charter expires in 2027.

Media historian Alexis Lévrier said Arnault has built a near monopoly on economic news in France. He said President Macron has not delivered on promises to tighten rules on media ownership.